Jonathan S. Spencer

Mr. Spencer, the President and CIO of Gresham Investment Management LLC, is responsible for the day-to-day investment and operational activities of Gresham. Mr. Spencer received a B.S. degree in Management Information Systems from the State University of New York at Buffalo. He is a member of the Family Office Exchange and the New York Society of Security Analysts. Mr. Spencer authored a chapter on asset allocation in the book, "Wealthy And Wise", entitled "Balancing Act – The Art of Asset Allocation."

Douglas J. Hepworth

Douglas J. Hepworth serves as Gresham's Chief Operating Officer & Chief Risk Officer. Mr. Hepworth has worked for Gresham for more than 20 years in roles including Portfolio Manager and Director of Research through which he has acquired deep knowledge of our asset class and of Gresham's business. His 35 plus years of Wall Street experience includes the management of multi-billion dollar commodity futures portfolios, the design and implementation of quantitative futures and options strategies, and the organization and supervision of floor and upstairs trading operations. In support of the industry, he served on the CFTC's Global Markets Advisory Committee. Mr. Hepworth received a B.A. in Economics from Columbia University in 1982 and holds the Chartered Financial Analyst (CFA) designation.

Adam I. Gehrie

Adam Gehrie, Chief Administrative Officer & General Counsel, has been a senior executive of Gresham since 2014. Mr. Gehrie is a member of the board of directors of the private investment funds managed by Gresham and has a leadership role in Gresham’s corporate governance. Prior to joining Gresham, Mr. Gehrie was a senior member of the Legal & Compliance department at Eton Park Capital Management, L.P., a multi-strategy hedge fund manager. Before Eton Park, Mr. Gehrie was an attorney in the investment management groups of Dechert LLP and Orrick, Herrington & Sutcliffe LLP where he counseled investment advisers and investors.

Mr. Gehrie holds a B.A. from Amherst College where he was elected to Phi Beta Kappa and a J.D. from Georgetown University Law Center where he served as an editor of the Georgetown Law Journal.

Dr. Reinhold W. Gebert

Dr. Reinhold Gebert re-joined Gresham Investment Management in August 2024 as Deputy Chief Operations Officer after a six-year stint at quant trading firm Teza Technologies as Chief Operating Officer & Chief Risk Officer, where he both spearheaded major infrastructure projects and was directly responsible for client facing business development.

Reinhold had previously served as Gresham’s Chief Operations Officer & Chief Risk Officer from 2012 to 2017. During this previous tenure at Gresham, he re‐engineered Gresham’s portfolio management, trading, accounting, and compliance functions by designing and implementing a fully integrated enterprise applications platform and built out Gresham’s enterprise risk management function and risk reporting for systematic trading strategies. In his current role, Reinhold has assumed leadership of Gresham’s Risk, Operations, and Infrastructure Committee, which is Gresham’s executive governance body responsible for these functions.

Prior to Gresham, Reinhold held senior executive roles at ContourGlobal, Barclays Wealth Americas, and Lehman Brothers' Private Investment Management. Prior to that, Reinhold worked as a consultant in the Financial Institutions practice at McKinsey & Company, where he advised senior executives in the asset management and brokerage industry on strategy, business development, product design, pricing, and profitability.

Before his work in the "for-profit" sector, Reinhold, who has authored numerous articles on mathematical aspects of string theory, conducted research in theoretical high-energy physics at the Institute for Advanced Study in Princeton. Reinhold holds a M.Sc. in Mathematics from the University of London and a Doctorate in Theoretical Physics from Hamburg University in Germany.

Kathy Theodosiou

Kathy Theodosiou is the Controller and Head of Corporate Accounting at Gresham Investment Management LLC. She is responsible for the corporate accounting and financial reporting for Gresham. Prior to joining Gresham in October of 2011, Ms. Theodosiou worked as a fund accounting and reporting manager in the Alternative Investments department for Morgan Stanley. Prior to that, she was a senior associate in the Alternative Investments department for PricewaterhouseCoopers. Ms. Theodosiou graduated summa cum laude with a Bachelor of Business Administration in Accounting from Baruch College Zicklin School of Business.

Maggie Liu

Maggie Liu is the Fund Controller and Head of Fund Accounting at Gresham Investment Management LLC. Ms. Liu is responsible for handling the day-to-day fund accounting and administration for all entities of Gresham. She has had over 25 years of fund accounting and financial reporting experience since she joined Gresham in 1997 as a portfolio accountant. Ms. Liu received a B.A. in Accounting from Brooklyn College of The City University of New York.